Expatriate Remittances Surge by 11% in June 2024, Reaching 12.1 Billion Riyals
In June 2024, expatriates residing in Saudi Arabia sent a remarkable 12.1 billion riyals to their home countries, reflecting an 11% year-on-year increase from the 10.84 billion riyals remitted in June 2023. This notable surge underscores the significant financial contributions that expatriates continue to make towards the economies of their home nations.
Despite this annual growth, the latest data from the Saudi Central Bank (SAMA) indicates a slight decrease in remittances on a month-to-month basis. Compared to May 2024, when remittances reached 12.60 billion riyals, there was a 4% decline in June, equating to a reduction of approximately 531 million riyals.
In contrast, remittances sent abroad by Saudi nationals witnessed a modest decline. In June 2024, Saudi nationals transferred 5.12 billion riyals, a slight 1% decrease from the 5.15 billion riyals sent in June 2023.
These figures reflect the dynamic nature of financial flows in the region, influenced by various economic factors, including exchange rates, labor market conditions, and domestic spending patterns. The increase in expatriate remittances is particularly noteworthy, suggesting robust employment and income levels among foreign workers in Saudi Arabia.
As remittances play a crucial role in supporting families and stimulating economies in recipient countries, these trends are closely monitored by both local and international financial institutions.
